Homelessness in recent years has been snowballing to intolerable levels, at least that’s what most Angelenos indicated in 2016 with Measure HHH. Today, Measure ULA is rallying to create a new tax on the sale of top dollar properties. This includes a $1.2 billion bond measure to fund supportive housing construction and county wide tax increases in order to fund services.
Measure ULA is expecting voters in Los Angeles to also pass a new tax on the sale of multi-million dollar properties to fund affordable housing along with homelessness prevention initiatives. The county is expected to release new vote totals between 10 a.m and 2 p.m. on the following days: Friday, Nov. 11, Tuesday, Nov. 15, Friday, Nov. 18, Tuesday, Nov. 22, Friday, Nov. 25, Tuesday, Nov. 29, Friday, Dec. 2.
The measure would implement 4% “documentary transfer tax” on the sale of properties over $5 million but less than $10 million. Properties selling for more than $10 million will be subject to a 5.5% tax. City officials project Measure ULA’s annual revenue to range from $600 million to $1.1 billion per year depending on real estate market conditions.
It is has been stated that this will only affect the home sales of millionaires and billionaires, however, it fails to recognize how the tax will be passed down to smaller renters who occupy large apartment buildings. The biggest critics of Measure ULA continue to allude to Measure HHH (approved in 2016) which has yet to follow through on the promise of permanent supportive housing units from a $1.2 billion bond.
“Upon adoption, this Los Angeles Program to Prevent Homelessness and Fund Affordable Housing Ordinance shall become effective on April 1, 2023, and shall remain in effect until repealed by the People of the City of Los Angeles.”